State oil company fast-tracks previously undisclosed project, which is expected to double export capacity Business live – latest updates The United Arab Emirates has announced it will complete a new oil pipeline bypassing the strait of Hormuz by next year to secure its future crude exports against the threat of disruption. The current blockade of the vital waterway, through which 20% of oil and seaborne gas flowed before the Iran war , is approaching the 11-week mark, sending energy prices soaring around the world and throttling Gulf economies. Continue reading...